Insolvency tribunal National Company Law Tribunal has directed three aircraft lessors of low-cost carrier SpiceJet to file a valid Power of Attorney existing at the present point in time.
The NCLT direction came during a hearing on the petitions filed by the three lessors - AWAS 36698 Ireland, AWAS 36694 Ireland and AWAS 36695 Ireland.
Three aircraft lessors filed insolvency pleas against SpiceJet over a default of Rs 77 crore in April 2024.
However, earlier this week, when the NCLT started hearing on June 2, it was pointed out that the person who had filed a petition on behalf of these lessors, his power of attorney was valid till Feb. 11, 2025.
The NCLT in its order noted that counsel appearing for SpiceJet drew its attention to the Power of Attorney given to the persons who have filed this petition was valid only up to Feb. 11, 2025.
It was contened on behalf of SpiceJet's counsel that no fresh Power of Attorney after that date has been brought on record.
"In order to continue the proceeding by the person who has initiated this petition, there must be a valid Power of Attorney existing at present point of time," the NCLT said.
On this, counsel representing aircraft lessors submitted that he would file fresh Power of Attorney and for that purpose, sought time. "In view of this, list the matter on July 3, 2025,' said the NCLT.
SpiceJet, which has been flying for 19 years, is facing multiple headwinds. It has faced several insolvency petitions from creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington and Celestial Aviation at the NCLT and the appellate tribunal NCLAT.
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